The landmark site will provide over 60,000 sq ft of manufacturing and office space for Morris Site Machinery to relocate from its current site just 3 miles away at Four Ashes, into purpose built premises at i54.
The site machinery business is renowned for its mobile lighting towers, generators, welders, pumps and pressure washers which it sells worldwide.
Recent years have seen significant growth in its success overseas, recognised by The Sunday Times HSBC International Track 200 which ranks Britain's mid market private companies with the fastest growing international sales. For the second year running, Morris Site Machinery has been hailed within the league table which has featured star alumni such as Aston Martin.
Chris Morris, CEO of Morris Site Machinery was delighted to confirm the acquisition: "This marks an exciting milestone in our expansion plans for the business, securing such a prime location in terms of profile and geography. With our sales and service hubs and customers across the UK, this sought after site is an ideal central location offering ease of access to the country's motorway network.
He continued: "The past few years have seen us bring numerous new product innovations to the market and this strategic move allows us to future proof and continue to expand our site machinery operation.
"It feels particularly apposite investing in i54 as our family run business, based nearby in Shrewsbury, is this year marking its 150th year of successful trading and investment here in the Midlands."
Planning is being submitted for the development and the deal was negotiated with Bulleys on behalf of Staffordshire County Council and City of Wolverhampton Council.
Staffordshire County Council's economic growth leader Mark Winnington said: "Morris Site Machinery has seen significant expansion in recent years with growing global sales and we are pleased the company has chosen i54 South Staffordshire as its new base.
"This business is the perfect fit for i54 South Staffordshire - a Midlands engineering and manufacturing firm that is clearly going from strength to strength to strength. We are sure the prime positioning of the site and accessibility onto the motorway network will support future growth.
"This is another success story for i54 and again demonstrates our hard work as a council partnership has paid off."
Councillor John Reynolds, City of Wolverhampton Council Cabinet Member for City Economy, said: "We are delighted Morris Site Machinery has chosen i54 as its new home to expand their thriving business.
"Our joint investment in i54 has already secured hundreds of millions of pounds of further investment and brought thousands of jobs to the area and this latest announcement means further investment in our city and, most importantly, more jobs.
"It again illustrates that demand is high for more accommodation from potential investors in a number of sectors, which is why recently securing planning permission for the western extension of i54 will enable us to facilitate these requests and benefit local residents and businesses."